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Shares in Iofina (LON:IOF) rose 16% in morining trade hit multiple operational landmarks during the first half of the financial year as it revealed it would be profitable in that period.
Production of iodine and related speciality chemical derivatives rose to a record 294 metric tonnes in the six months – a rise of a 110% on the year earlier. Second quarter output also hit a new high.
The strong showing means the group will be EBITDA positive in the first half.
Iofina also revealed it expects the remainder of the year to be equally strong as it predicted it would churn out 260-300 metric tonnes of finished material.
It extracts iodine from the brine water by-product generated during the drilling for oil and gas in the US.
Its reinvigorated performance coincides with the decision to close down its first processing plants in the US to focus on the other five.
Chief executive Tom Becker told investors: "The company has focused on operational excellence and, as a result, has produced record levels of crystalline iodine for the first half of the year at each of its operating IOsorb plants.
"Against the backdrop of a challenging iodine market, where prices are below historical trends, the company is committed to operating in the most efficient manner possible, and reducing its production costs.
“As a result of these measures and our record production performance, the company has been EBITDA positive for the first half of 2015.”
The stock rose 3.33p to 24.58p in morning trade, valuing the business at £31mln.